Bank of America was the biggest loser among US banks. It is the #2 bank in the USA. In 2008, in the early phase of the real estate meltdown, it bought the subprime loan lending firm Countrywide Financial for about $4 billion. In doing so, it also bought all of the company’s liabilities. This turned out to be one of the most spectacular bonehead moves in banking history. Bank of America may lose a total of $53 billion on that decision. It has already paid out $33 billion.

It is safe to say that the executives at Bank of America did not have a clue about the economy, the housing market, or the degree of risk they were accepting. The recession was in progress. The real estate market was collapsing. But the bankers went ahead with the purchase.

In October, 2008, Congress bailed out BofA, along with the other Big 4 banks. TARP was a $700 billion bailout, which most voters opposed. Congress thumbed its nose at the voters. Then the big five banks thumbed their noses at Congress. The next year, 2009, Wall Street firms paid $145 billion in bonuses.

The Big 5 American banks are all struggling.

KBW also lowered its earning expectations at Citigroup to $0.45 from $0.75 per share. JPMorgan Chase will likely be the bright spot among big banks reporting earnings but nonetheless KBW still lowered estimates for Jamie Dimon‘s bank to $0.80 from $0.95 per share to reflect lower expectations for investment banking and trading revenues.

Goldman Sachs, which reported its second ever quarterly loss as a public company in 3Q11, had its estimates lowered by KBW to to $1.35 from $2.35.

Rival investment bank Morgan Stanley will report a loss, KBW says and materially lowered its 4Q11 estimate to a loss of $0.57 from $0.30 per share. “Although we are lowering our expectations for investment banking and trading revenues and increasing our expectations of expenses for seasonal factors, our estimate also includes a $0.64 charge for the MBIA settlement,” the note says.

America’s banking sector remains crippled. It remains fearful. It will not make loans. It keeps $1.6 trillion at the Federal Reserve as excess reserves. It is clear that bankers are afraid to lend, and small businesses are afraid to borrow

The recovery by now should have lifted the banking sector out of the pits. It hasn’t. It has been too weak. the recovery is barely operating. The voters know this. Meanwhile, Congress runs a deficit of $1.3 trillion a year.

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4 thoughts on “Rich, Incompetent Bankers Run the Country.”

Hello To All,
Now, you can help make the corrections to Our Republic that you want corrected.
When the people fear the government, that’s Tyranny!
When the government fears the people, that’s Liberty!
All that is necessary for evil to triumph is for good men to do nothing!
Now Is the Time for All Good Men and Women to come to the aid of Our Country!
Make the Difference and Take a Stand with other Good Men and Women.
Info @ http://www.wakeupamerica.com/constitutionalbelievers
Take Care and GOD BLESS The Whole World!
Sincerely
Mr. HarrisConstitutionalBelievers@hot.rr.com

When I see these kinds of things going on in Our Land of Liberty it just makes me want to help a Voice such as yours and I did a month ago and am doing so again because we the people need to at least speak freely as long as we can till the day that they close the gate at Camp FEMA on us .

See these Links and wonder as do I what has happened to our Country that our Leaders have lost their faith in Liberty ?

The Beginning of Concentration Camps in the USA OMG why have we come to this ?? Is this the Best we the people can hope for from so called expert Leadership in our Highest Offices of Our US Government ??? This is suppose to be a showing of a Successful Presidency of Public Policy , My God how can this Be deemed a Success ???http://www.americanthinker.com/2012/01/new_nation…
This kind of Power is very Corrosive to Ideological rigid thinking of leadership , and Checks and balances are our own recluse to oppression of this nature before it becomes a operating source of funding some economically that generate loyalty to see it into action . Free Markets that serve as a alternative to statist economies is what America was and still is about , so we do not fall into the clutches of ideological Government Central planning policies like these , and I have to support your cause to reset the debate about Freedom and what it means to societies future . http://my.firedoglake.com/davidswanson/2011/12/31…
UN Pushes Population Control Agenda http://www.thenewamerican.com/world-mainmenu-26/n…
"Seven big problems for 7 billion people . Experts weigh in on predicaments caused by a burgeoning world population , are they experts or just Marxists ? http://www.msnbc.msn.com/id/44990504/ns/us_news-l…
Attacking the funding source of FREE Enterprise and what feeds a society its self reliance is paramount in the destruction of Independence of Humanity ,
A New Global Economic Restructuring http://www.cmn.tv/news/new-world-currency/

The need for a Retooling of a manufacturing base to SOME degree , not all of it but major key Vital Needs categories is what the USA needs ,. not just to revitalize the Private sector Jobs , but Re set Foreign Policy with a leveraged position of SELF Reliance as a Nation , because the DEPENDENCE the USA citizenry has evolved to with Imports from International markets has now become the leverage that our foreign Policy partners are Now using Against our nations creditability and so this is where checks and balances in Government Policies need to be clear and state that we the people need to retool some of our Manufacturing base so we can be more Independently self providing and this be a way to return to prosperity and the value is not just in cost to produce but how we value a Trade relationship that does not result in Rhetoric like this , this is the Threat to our nation , read these words by those we are trade partners with and tell me we are not in a Leveraged position because of this 100 % out sourced importing trade policy thats made The hedge funds that 1 % Obama will use to WIN Reelection with ???

We need to retool our industrial base to at least be able to supply our most needed supplies and then we can negotiate and sustain some what of a quality and abundance in our supply of vital human needs . We should have seen the International banking franchise people as well as all Multi-National Corporations realize this need to keep America a Vital force in world trade negotiations making sure we negotiated Fair trade and balanced Trade so we were adequately supplied and deficits free , but instead Multi-nations hedge fund operators focused Only on the Dollars and not on what that currency was representing , and today all we have left is the paper with nothing of Tangible intrinsic value to back it up , and this is what we get read these links by our so called TRADE PARTNERS , Putin says U.S. is "parasite" on global economy

If The Eurozone breaks apart and they are so dang dependent on BRIC nations supply , they may be in a Position to Break away from the US Dollar are world trade currency to maintain their supply of tangible goods a Vital human needs over a paper US Dollar , this is the kind of critical position we our talking about here .
Ahmadinejad of Iran Is President of OPEC?

Its all right here explained warned was happening but Know one gave a dang , they only cared about the paper , while some were using this mistake to further an agenda that Technocrats and Globalists were promoting , http://www.cnsnews.com/node/75388 , and Now we have Nothing to back up the paper that makes LIFE sustainable . And those who have the supply of stuff that sustains Life are getting ready to use that against we the people of the USA and the EU as we spiral down with our deficits ,
The High Cost of the China-WTO Deal: Administration’s own analysis suggests spiraling deficits, job losses; By Robert E. Scott; February 1, 2000: http://ning.it/cNJn9O
And http://ning.it/bTIt9f
It has also taken Mexico\’s Jobs away over the years too. Europe\’s Jobs too. This is all because of a Simple Currency manipulation that does nothing to promote quality in our products.
Remember what Ross Perot said , we would Hear a Giant Sucking Sound with this Trade Policy , he was right . http://www.thenation.com/article/new-giant-suckin…

The Goal of western nations should be to Restructure their Trade Policies for their Citizens First because these nations are not what is contributing to the issue , so why should we people of sustainable growth in our populations be subject to a Trade Policy that is Sucking the Life literally right out of our Communities and nations ? The action is UNJUST based on sustainable population growth in the USA being shown here in this Fertility Chart , https://www.cia.gov/library/publications/the-worl…